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Top Applications of Artificial Intelligence (AI) in Business

More businesses are now embracing Artificial Intelligence, causing the technology to show signs of acceleration. In IBM’s 2021 Global AI Adoption Index, one-third of companies are currently using AI in some way, while 43% are exploring. Experts believe that the accelerated AI rollout can partly be attributed to the pandemic. In addition, access to an artificial intelligence development company and advances for consultation and development services, and advances in AI tools have made it more accessible for most companies.

The report also indicated that Natural Language Processing (NLP) is among the top reasons companies are adopting AI. More than 50% of businesses that have adopted AI are using applications with NLP.  The expansion of AI is not surprising, considering the immense benefits business get from it. AI increases efficiency, boosts productivity, lowers costs, improving a business’ bottom line significantly.

Look at these top applications of AI in business and the benefits to understand why the AI technology growth might not be slowing down any time soon.

Customer Experience and Support

Customer experience, support, and service are among the most common business use of AI. Chatbots driven by AI allows businesses to provide customer support around the clock, screening customer requests, and provide the most suitable response.

Chatbot development using NLP enables chatbots to understand customer requests and give appropriate responses. They act faster than humans, reducing response time and improving customer experience.

AI developers are creating AI-enabled chatbots with recommendation functions that use predictive analytics and customer data to prompt customers to products they would most likely want to buy or need. With employees, AI-enabled systems help them serve customers better by using similar analytics and recommendations as those used in chatbots to give employees suggestions on the best ways to tend customers.

Generally, AI-enabled customer support streamlines customer request handling, saving the business time, money, and reputation.

Recruitment and Hiring Process

Companies can use AI software to automate and streamline routine processes and tasks.  This includes tasks like going through numerous applications for different departments at the same time. The AI software scans through numerous applications faster, eliminating candidates based on their qualifications for a particular post.  It can also identify top talent, schedule interviews, and send out notifications to that effect. It can also be programmed to remove personal identifying data on job applications such as gender and race, helping to reduce biased hiring. 

This speeds up the review process and also eliminates human bias in the preliminary candidate screening. Companies using AI in the recruitment process save time, money and give candidates a positive hiring experience with quick responses. 

Smarter and Safer Operations

AI development companies are increasingly advancing in developing applications with AI-enabled capabilities. This ensures that AI is embedded across an entire enterprise. AI can be in all business functions such as finance, human resource, administration, legal, etc., embedded in the company software itself. This enables an intelligent approach to functions such as customer request handling, where AI routes customer requests not only to any available worker but the best-suited person to handle such a request.

In e-commerce and retail, AI can is used to optimize in-store activity monitoring and product selection. Other retailers also use AI to monitor inventory in stores and warehouses for expiry and freshness in perishable goods. In the IT department, AI can detect and identify errors and anomalies that may indicate hacking attempts, activities, or ransomware attacks, create patching, and place alerts on the system.

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In safer operations, AI is being utilized in multiple industries to improve safety. While incorporating the Internet of Things (IoT), the mining, construction, utilities, agricultural, and other sectors use Ai to gather data from connected devices. The data is fed into intelligent systems to identify abnormal behaviors, dangers, or business opportunities. They can also make recommendations, take corrective or preventive actions.

Another way businesses are using AI is to monitor teams to ensure that they adhere to safety protocols. Intelligent systems watch and can alert the management when there are hazardous conditions detected. 

Addressing Industry-Specific Needs

All industries can utilize AI applications and software, but some are developed to solve specific industry needs. Some examples include:

  • Healthcare Industry 

Artificial intelligence in healthcare incorporates machine learning to analyze massive amounts of data collected over time to uncover insights and patterns that humans may not be able to see or establish otherwise. The algorithms used in diagnostic tools help health professionals diagnose diseases more accurately. 

Besides, it helps them diagnose the progression of diseases earlier. Intelligent tools can also help doctors and clinicians create more personalized treatment plans to increase efficiency in treatment according to a patient’s unique needs.

  • Retail and e-commerce

This industry is among the areas where end-users can most observe AI applications. In trying to stay ahead of their competition, e-commerce and retail businesses are always looking for new techniques and technologies to learn consumer behavior and patterns. This helps them align their strategies to outdo their competitors. 

The entry of AI-enabled applications using intricate algorithms helps businesses determine products customers are likely to buy and recommend the products to them. Besides, AI applications, as seen elsewhere in this article, greatly enhance customer experience through chatbots programmed to instantly attend to customer requests with the most suitable responses and actions.

  • Logistics and Transportation

This industry has benefited a lot from intelligent applications and systems and is on the verge of becoming a fully infused AI industry. The supply chain has benefited from predictive analysis and machine learning for effective management and seamless processes. Most warehouses use AI-powered robots to sort and package products. Smart algorithms are also being used to find the quickest and most convenient routes for shipments.

The transport industry will soon be revolutionized by self-driving vehicles. Even though the technology is still young and in its trial stages, AI self-driving vehicles can replace manual driving in the future, significantly increasing road safety.

Final Thoughts

Artificial intelligence is undoubtedly changing how businesses interact with teams and customers within business functions. These are not the only applications in business since AI also enhances optimization, data management, marketing, quality assurance and control, and many other functions. As shown by the IBM report, many more industries and businesses are adopting the technology even as AI development companies continue to advance and address industry, sector, and niche-specific business needs.

[To share your insights with us, please write to sghosh@martechseries.com]

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